Shares of electric-car company Tesla (NASDAQ:TSLA) fell Wednesday, declining 8.5% as of 3 p.m. EDT.
The stock's decline is likely primarily driven by a sharp drop in the broader market. But one analyst did notably cut his forecast for the automaker's deliveries in 2020, citing an expectation for manufacturing at the company's Fremont, California, factory to remain paused through mid-June.
Highlighting a pullback in the overall market on Wednesday, the S&P 500 was down 3.9% at the time of this writing. The market's drop reflects growing worries about the coronavirus pandemic.
Regarding Tesla stock specifically, Bernstein analyst Toni Sacconaghi said he now expects the company's total deliveries during the year to come in at 414,000, below its initial guidance for more than 500,000 deliveries this year. He believes Tesla's factory in Fremont will be shut down for a total of about three months during the pandemic.
Tesla will likely report its first-quarter vehicle deliveries on Thursday or Friday, giving investors the first glimpse into how they are faring this year. When it reports deliveries, investors should look to see if management updates its full-year guidance to take into account the impact of its factory shutdown.